Market Watch

All Eyes on the S&P 500; Plus, a Tax-Code Overhaul

A Sampling of Advisory Opinion

Eliminate the Income Tax and IRS Altogether by Peter Morici University of Maryland College Park, Md. 20742 Feb. 27: In 2013, the Treasury collected $1.6 trillion from corporate and personal income taxes. This could be replaced by a 12% sales tax on all private purchases and other payments—be they computer equipment, college tuition, or lunch at the corner takeout.

Businesses and institutions would then pay to Treasury the taxes they collected, less sales taxes paid on purchases of...